This sets the stage for Li Auto to surpass its revenue goal of RMB 100 billion in 2023, the company said.
Li Auto (NASDAQ: LI) saw another record month of deliveries in May, taking its single-month revenue above RMB 10 billion for the first time.
The Chinese automaker delivered 28,277 vehicles in May, up 145.97 percent year-on-year and up 10.11 percent from April, the third consecutive month to surpass the 20,000-unit mark, according to data released today.
Li Auto's current least expensive model, the five-seat Li L7, achieved its second consecutive month of more than 10,000 deliveries in May, Li Auto said, without disclosing a specific figure.
All of the company's models currently on sale are extended-range electric vehicles (EREVs), essentially plug-in hybrid vehicles (PHEVs). The other two models are the six-seat Li L8 and Li L9.
Strong deliveries allowed Li Auto to reach a single-month revenue milestone of over RMB 10 billion ($1.4 billion) in May.
Li Auto's revenue exceeded RMB 10 billion in May, the first time it has achieved that level of monthly revenue, said Li Xiang, the company's founder, chairman and CEO, adding that it sets a solid foundation for the company to surpass its revenue goal of RMB 100 billion in 2023.
Li Auto provided guidance for second-quarter deliveries of 76,000 to 81,000 units when it reported first-quarter earnings on May 10.
Today's May deliveries mean that it is expected to see 22,042 to 27,042 deliveries in June.
From January to May, Li Auto delivered 106,542 vehicles, up 124.87 percent from 47,379 vehicles in the same period last year.
By the end of May, Li Auto's cumulative deliveries since its inception were 363,876 units.
As of May 31, Li Auto had 314 retail centers in China, covering 124 cities. It also has 319 after-sales service centers and authorized sheet metal spray centers covering 222 cities.
On May 24, Li said on Weibo that he set a goal for his team to reach 20,000 monthly sales of the company's five-seat SUV, the Li L7, in October.
"Supplier partners, trust us, make sure you keep up with capacity! " Li wrote.
On May 30, he said on Weibo that Li Auto's order and delivery volume exceeded 1,000 units per day for three consecutive weeks.
Li Auto's next major task is to ramp up supply chain availability, as the supply target set at the beginning of the year was a bit low, he said at the time.
($1 = RMB 7.1154)
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